A firm operating in monopolistic competition is maximizing its profit and earning positive economic profits. Which of the following must be true of its production?

The price is equal to average total cost at the quantity where marginal revenue equals marginal cost.

The price is equal to average total cost, and marginal revenue is less than marginal cost.

The price is less than average total cost at the quantity where marginal revenue equals marginal cost.

The price is greater than average total cost at the quantity where marginal revenue is less than marginal cost.

The price is greater than average total cost at the quantity where marginal revenue is equal to marginal cost.